No common view on downgrade from Capitol Hill

Aug. 7 - Congressional leaders from both parties show no common view on who is responsible for U.S. downgrade. Deborah Lutterbeck reports.

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As the United States awaits the market verdict on Standard & Poor's downgrading of US debt, on Capitol Hill Republicans and Democrats are blaming each other for the move.
On Friday S&P cut the U.S. credit rating by a notch to AA-plus in an unprecedented blow citing concerns about the nation's budget deficits and climbing debt burden. It called the outlook "negative," signaling another downgrade is possible in the next 12 to 18 months.
On NBC's Meet The press Senator John Kerry blamed conservative Tea Party Republicans who would not sign on to any deal that raised taxes.
SOUNDBITE: Sen. John Kerry, saying (English):
"I believe this is without question a tea party downgrade. This is the tea party donwgrade because a minority of people in the House of representatives counttered the view of many republicans in the United States Senate "
On the Republican side, Senator John McCain is pointing to the White House.
SOUNDBITE: Sen. John McCain, saying (English):
"I agree there is dysfunction and a lot of that is to do with the President's failure to lead."
Analysts say the dollar may weaken as a result of the downgrade and U.S. interest rates may move higher when markets reopen. However some of that pressure may be tempered by the escalating crisis in the euro zone.
Deborah Lutterbeck, Reuters